Fund Managers

Stephen Macklow-Smith

Stephen Macklow-Smith is a portfolio manager within the J.P. Morgan Asset Management
European Equity Group, responsible for segregated portfolios, the European assets
of UK pension funds and the JPMorgan European Investment Trust. An employee since
1997, Stephen was previously head of the European Team at HSBC Asset Management.
Prior to this, he was a fund manager of European pension fund assets at Henderson
Administration. Stephen obtained an M.A. in Classics and Modern Languages from Oxford
University.

Alexander Fitzalan Howard

Alexander Fitzalan Howard, managing director, is a portfolio manager within the
J.P. Morgan Asset Management European Equity Group managing both institutional and
retail products. An employee since 1986, Alexander was previously an investment
manager with the J.P. Morgan Asset Management North American Portfolios Group, most
recently running the desk. Before this, Alexander was involved in the development
of the Czechoslovakia Investment Corporation Inc., and responsible for the establishment
of the first Czech domestic mutual funds managed by Investicni Banka and administered
by Save & Prosper. Prior to this, he assisted in the fund management of the
Save & Prosper financial sector unit trusts and was responsible for analytical
coverage of the financial and media sectors. Alexander obtained a B.A. (Hons) in
Modern History from Oxford University.

Michael Barakos

Michael Barakos is Chief Investment Officer of the J.P. Morgan Asset Management
European Equity Group - Behavioural Finance Team. An employee since 1999, he is
head of the team responsible for core and style strategies. Michael obtained a BSc
(Hons) in Economics and Political Science from the London School of Economics and
is a CFA charterholder.

Important information

Key attributes

Companies paying high dividends tend to consistently outperform low yielding companies.
The JPMorgan European Investment Trust plc Income Shares provide investors with
the opportunity to gain exposure to this persistent style anomaly.

The Trust's disciplined bottom-up investment process ensures that investors are
given pure exposure to the best high yielding companies.

The Trust is a core holding designed for investors looking for exposure to an income
strategy in Continental Europe.

The Trust benefits from the expertise of our European Equity Group, which has extensive
experience and a proven track record in managing style portfolios.